Repsol profit jumps 8.8% in first half

Repsol-YPF SA reports its first half net income was 1,245 million euros, up 8.8% from the same period in 2000. Net income before extraordinary items, goodwill amortization, and non-recurring items rose 4%, from 1,366 million euros in June 2000 to 1,421 million euros in June 2001.

Sept. 5, 2001

2 min read

By the OGJ Online Staff

HOUSTON, Sept. 5 -- Repsol-YPF SA reports its first half net income was 1,245 million euros, up 8.8% from the same period in 2000.

Net income before extraordinary items, goodwill amortization, and non-recurring items rose 4%, from 1,366 million euros in June 2000 to 1,421 million euros in June 2001.

Operating revenues were 22,461 million euros, a 4.5% rise. Operating income was 2,920 million euros, and cash flow was 3,101 million euros, attaining similar levels to first half 2000 figures.

Investments were 2,238 million euros, of which 967 million went for exploration and production costs.

Repsol said the higher price differential between heavy and light crude oil on the international markets cut the selling price for the basket of crude produced by the company to $24.20/bbl vs. $25.60 in 2000. Gas production in Argentina also fell as a result of exceptionally high rainfall and an economic slowdown.

Operating income from refining and marketing was up 43% at 827 million euros. "This performance was the result of stronger refining margins and the recovery of marketing margins in our own network, in both Spain and Latin America. In LPG, marketing margins in Spain recovered, aided by the application of a new maximum price formula for bottled LPG.

"Sales of gasoline and gas oil to our own network in Spain rose 5.5% in comparison to first half 2000 levels, whereas in Argentina there was a 4% drop in sales, mainly in gasoline, largely because of the current economic situation there. LPG sales in Spain fell 9.6% and also dropped slightly in Latin America because of the economic conditions in the region," said the company.